#Wages were strong: Avg hourly #earnings rose 0.4%, up 4.1% from a year earlier. That was also stronger than expected, since #WageIncreases have been easing since early 2022.
The household survey, from which the #unemployment rate is drawn, showed 408k fewer people #working in May than in April. That data has been out of joint for some time w/the survey of #employers, from which the #JobGrowth figure is tallied, suggesting revisions down the line.
Greg Jericho spells it out with graphics… the Australian standard of living has been falling since 2020 and will take years to recover (if at all). All of the noise made about wages fueling inflation is a lot of bull, there is no truth to it and no data to back it up. Don’t believe what most conservative economists tell you. Don’t believe a foolish press medium either. Wages need to move faster than inflation for us to be as well off as we were fourteen years ago (14 yrs… yes, that’s right). Neo-liberal economic policies are all about feeding the greedy at the top of the food chain, period.
"Oxfam said analysis of global data showed that dividend payments to shareholders over the last three years grew an average of 14 times faster than worker pay across 31 major economies"